Mumbai sales market stagnates in June
The Mumbai home sales market has stagnated in June due to high prices and most buyers stop purchasing and expect the prices to come down.
The Mumbai real estate market piles up with unsold inventory amounting to 80,000 units which forms 37 per cent of the total residential supply under construction.
However, rising inventory with developers and high interest rates could well ensure a correction in prices in the short term, according to a new report from real estate consultancy firm Knight Frank.
However, the report adds a regulator imposed supply crunch through delay in approvals ensured that market equilibrium was maintained. It analyses residential market comprising projects with a sales potential of above Rs 30 crore in the Mumbai Metropolitan region.
The report adds that developers are looking to tap into the largest chunk of buyers looking for apartments priced up to Rs 75 lakh. Thus, an estimated 55 per cent of units under construction currently belong to this price bracket.
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Source: Business Line
High interest rates, high prices, home sales market, Knight Frank, Mumbai, Mumbai Metropolitan Region, Mumbai real estate market, unsold inventory
[...] Mumbai sales market stagnates in June [...]
[...] Mumbai sales market stagnates in June [...]
[...] Mumbai sales market stagnates in June [...]
[...] Mumbai sales market stagnates in June [...]
[...] Mumbai sales market stagnates in June [...]
[...] Mumbai sales market stagnates in June [...]